GBNY - Generations Bancorp: Trading Below Liquidation Value And Our Favorite Activist On-Board

• Although profitable, GBNY trades at ~60% of tangible book value, one of the least expensive opportunities in our coverage universe.
• Company maintains substantial liquidity, a key factor in driving shareholder value, as it provides the wherewithal to pay dividends, repurchase shares, and ramp loan growth.
• With activist bank investor Joseph Stilwell, who owns just below 10% of the company, on-board, we are confident management will maximize shareholder value.
• Although there are no guarantees in the equity market, we view GBNY as a low downside holding, which conservatively offers 35% appreciation over the next 12 months.

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